Democratic AGs File Amicus Brief Supporting CFPB Funding

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  • A group of 23 Democratic AGs filed an amicus brief supporting a motion for a preliminary injunction seeking to prevent the CFPB’s Acting Director from declining to draw additional funds on behalf of the agency.
  • The complaint alleges that the CFPB’s failure to draw additional funds will effectively defund the agency, and that a failure to withdraw sufficient funds to carry out the CFPB’s statutorily required functions is unlawful under the Administrative Procedure Act; is arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law; and that the Acting Director lacks authority to defund the agency.
  • In their brief, the AGs argue that the CFPB’s failure to withdraw sufficient funds is causing irreparable harm to consumers and state enforcement efforts, leaves no oversight over large national banks, and substantially increases the burden on state agencies to protect consumers.
  • The AGs ask the District Court to grant the motion for a preliminary injunction.
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